#Budgeting #FinancialAdvice #SavingsGoals
Hey everyone! 👋 First time posting here and looking for some feedback. I’ve laid out my financial situation below – am I doing okay? Here’s a breakdown of where my money goes:
– Weekly income: $845
– No housing costs (living with family)
– $165 into long term savings @5.35%
– $20 into son’s account
– $20 into KiwiSaver
– $176 into childcare
– $120-140 on groceries
– $60-80 on petrol
– $150 into short term savings
I’m feeling pretty good about my setup, but always open to suggestions and advice! One possible solution that I’ve found helpful is tracking my expenses to make sure I’m staying on budget. Does anyone have any other tips or recommendations for me? Let me know your thoughts! 💡
“$20 to my sons account for when he’s older $20 voluntary payment into kiwisaver“
You’re doing amazing.
You are crushing it! Considerate and well-planned spending.
Quick check list
No debt – Check, not mentioned so assume you don’t have any
Living on less than you spend – Check
Building emergency fund – Check, short term fund
Investing regularly – Check
And saving for your child – Check
You’re on the right path and doing good things, well done. Good luck with the study.
You are doing exceptionally well.
You are studying for your future and the future of your child and still managing to save some money for your child’s future .
Well done . A lot of 26 year olds with no children would not have any savings.
I was a single mother at 24 and I did the same as you. I saved money even though I couldn’t afford to save a lot, I still saved.
You have very good habits which will continue throughout your life and by the time you are in your 40s you will be very financially stable. I’m sure.
I just want to encourage you that you are doing very well .
Comparing yourself to other people through financial means is a bad measurement. If you’re happy and healthy and you’re doing evil things for a job and same for your family that’s all that’s matters
Firstly you’re doing great.
Secondly, when you’re ready, look into investing every single month a set amount in sp500. You can start small and adjust/increase as your income increases. Personally looking back I wish I have started earlier, when I was your age. Your 60 yo self will appreciate that.
Comparison is the thief of joy
You’re doing everything you possibly can be! Loving the savings for you and the lad. You should be really proud, not sure there is anywhere to trim there. Imagine a world with free childcare tho!
Transfer the son’s savings acount to index funds. Sharesies is the app I use. My 4 year old made $300 last year – more than me!
At 24 I had -$5k in credit card debt and -$35k in student loan debt so you doing OK. You have a kid which will limit your earning potential from POV your time will be on the kid therefore less for self projection which isn’t a bad thing therefore you will need to put lots more effort with your time if you want to push ahead. Good job. Hard being a father with financial burden
Just make sure your sons money is in a savings acct at least and not a transactional acct. As others have said, you could consider an investment, perhaps a managed fund. We have one for our kids’ education, we put $50 p/w in a balanced growth fund. Currently got $16k and they’re still in primary school, we’ll need the money in a couple of years when they start intermediate and then college, most likely a private school.
Good luck. You’re doing much better than I was at 26.
Only thing I’d add is if your student loan is interest free, I wouldn’t be in a hurry to pay that off when the time comes 🙂
As others have said, all good as far as a finance check-in goes.
For me the only suggestion would be to build up the short term emergency fund a bit; cars and healthcare like a dental visit can eat a $1k buffer very quickly
I assume you also have insurance costs? and the car is either drinking a bit of fuel (just going on how much an Aqua costs in fuel) or you are doing a lot of km, which can lead into a lot of expensive repairs, tyres etc
When I was 26, I was living in a flat in London with 25 other people. Didnt save a friggin thing. Spent everything week to week partying it up. In my view, this level of maturity means you should be just fine. Remember to enjoy yourself too!
Your income is low, but that’s expected as student.
Where are you based?
My only comment us don’t pay off your student loan. That’s interest free while you are earning your 5% interest, and one day will give you cash in hand for your house, assuming you want one
Not paying rent/board to your family Says alot about you as a person.
Everything looks good but don’t use your long-term savings to pay off your student loan. Since it’s interest free, you should pay it off by the minimum amount possible (unless you’re actively moving abroad since then you’ll have to start paying interest). Don’t use your long-term savings for anything except buying a house or retirement.
Sounds like youve got too much money. Have you considered buying a project car, boat, or a horse?
I’m sure you’ve probably rounded down for ease sake but to get the govt contribution for KS it’s $20.06pw but I do $21 to be safe
Edit: further commented below – that’s for the max govt contribution any vol contributions get the 50c on the dollar
You got it easy haha I had to pay rent /board even living with parents , you are in a good place keep going and make improvements where you can